US federal investment group Overseas Private Investment Corporation (OPIC) is set to invest $96m to finance 50MW wind farm in northeastern Uruguay.
The credit facility for Melowind project was provided after OPIC’s board approved of the move. The project is aimed to dispel the country’s energy scarcity due to its heavy dependency on hydroelectric projects.
OPIC President and CEO Elizabeth Littlefield said the funds allotted by the group would aid country’s energy generation efforts to narrow down its deficit.
"OPIC is committed to supporting the efforts of Uruguay as it works to better support the energy needs of its people and businesses," added Littlefield.
The funds follow group’s investment of $193m to support Peruvian wind project power grid earlier in March 2013, reflecting its commitment towards renewable energy.
Meanwhile, German renewable projects developer Juwi has granted turbine supply agreement to Nordex USA.